$BTC #BitcoinRejectedAt$87KThirdTime
$87,000 keeps doing the same thing. This marks the fourth attempt since September 21 to break above it, and each time follows a similar script, price pushes up, nearby shorts get liquidated around $85,500 and $83,700, then thickening bids and asks on both sides pull price back into the range.
On the technical side, BTC is still trading above its EMA50 with the short-term trend intact, which is why these pushes keep happening. But RSI has moved into deeply overbought territory and a bearish crossover is starting to show up on momentum indicators, which could cap the pace of further gains in the near term even if the broader trend stays up.
Third or fourth rejection doesn't mean the level never breaks, it usually just means liquidity is getting absorbed before it does.
$BTC #Bitcoin #BTCPriceAlert
$87,000 keeps doing the same thing. This marks the fourth attempt since September 21 to break above it, and each time follows a similar script, price pushes up, nearby shorts get liquidated around $85,500 and $83,700, then thickening bids and asks on both sides pull price back into the range.
On the technical side, BTC is still trading above its EMA50 with the short-term trend intact, which is why these pushes keep happening. But RSI has moved into deeply overbought territory and a bearish crossover is starting to show up on momentum indicators, which could cap the pace of further gains in the near term even if the broader trend stays up.
Third or fourth rejection doesn't mean the level never breaks, it usually just means liquidity is getting absorbed before it does.
$BTC #Bitcoin #BTCPriceAlert